Qatar will rely on the latest technological methods, tools and programmes, encouraging the use of artificial intelligence to promote its leadership among the Arab financial markets and achieve Qatar National Vision 2030 (QNV 2030).
In his message at the 2023 Annual Report, HE Sheikh Bandar Bin Mohammed Bin Saoud Al-Thani, Governor of Qatar Central Bank and Chairman of the QFMA, said that the past year witnessed the beginning of a new phase in the development of the Qatari financial markets, aiming to increase the competitiveness of the Qatari financial markets, raise their efficiency, and improve the financial services provided to Qatari and non-Qatari investors.
The year 2023 witnessed the completion and implementation of several initiatives, including the announcement of the QFMA’s 3rd Strategic Plan (2023-2027), which aims to achieve the sustainability of financial markets, promote green financial instruments and adopt technological and digital developments.
The new strategy also establishes a regulatory framework and infrastructure to transform the Qatari financial markets into “a supervisory authority with international standards that follows the best practices and international standards in the field of regulation, supervision over the Qatari capital markets”, the report stated.
In addition, HE highlighted the implementation of a set of administrative and structural changes aimed at attracting more Qatari and non-Qatari investors, and reducing the cost, burden and effort on all those dealing with the Qatari financial markets. QFMA also introduced to the Qatari market for the first time the mechanism for the interim dividend distribution during the financial year.
These efforts helped drive the performance of the Qatari markets in 2023. Last year, the QSE general index increased by 1.4% compared to a decrease of 8.13% during 2022, and the market value of listed companies increased by about 2.7% to reach 624.6 QR billion.
The influx of foreign investment into the Qatari market continued in 2023, with net purchases by non-foreigners reaching QR 1.7 billion, contributing to the increase in non-Qatari ownership of Qatari shares listed on the financial market, as well as the increase in the contributions of activities brought to the Qatari financial market by QFMA.
Looking forward, QFMAs Chief Executive Officer Dr. Tamy bin Ahmad Al Binali said that, during the next five years, QFMA looks forward to developing an infrastructure for Qatari capital markets that adopts the best international standards and practices, uses the latest technological methods and is flexible and able to accommodate all developments in the international capital markets.
